GPU Energy Companies File for Deferral Of Power Purchasing Costs in Pennsylvania.Business Editors MORRISTOWN, N.J.--(BUSINESS WIRE)--Dec. 6, 2000 The Pennsylvania GPU GPU: see secret police. (Graphics Processing Unit) A specialized logic chip devoted to rendering 2D or 3D images. Display adapters contain one or more GPUs for fast graphics rendering. Energy companies - Metropolitan Edison Company and Pennsylvania Electric Company, subsidiaries of GPU Inc. (NYSE NYSE See: New York Stock Exchange : GPU) -- have filed a petition with the Pennsylvania Public Utility Commission to permit the deferral deferral - Waiting for quiet on the Ethernet. , for accounting and regulatory purposes, of costs they incur to purchase electric power for their customers that exceed what is recovered through their current rates. The petition notes that the GPU Energy companies have sold their power plants and have agreed to give all net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). back to their customers. Without such sources of electric generation, the companies incur significant costs to purchase power for provider-of-last-resort services, sometimes at wholesale electricity prices that are well above the costs that are recovered in their rates. The petition also notes that a competitive default service program for alternate suppliers to serve 20 percent of GPU Energy's Pennsylvania provider-of-last-resort obligation beginning on June 1 failed when no suppliers submitted qualifying bids. GPU Energy said that granting the request will not result in any immediate increase in customer rates, but will simply permit, beginning on January 1, 2001, the deferral of costs incurred but not recovered under present rates to furnish fur·nish tr.v. fur·nished, fur·nish·ing, fur·nish·es 1. To equip with what is needed, especially to provide furniture for. 2. provider-of-last-resort service. GPU Energy also proposes to fully credit customers with all of its costs of purchasing power Purchasing Power 1. The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy. Purchasing power is important because, all else being equal, inflation decreases the amount of goods or services you'd be able to purchase. 2. that are below those included in current rates. GPU, Inc. (NYSE: GPU), headquartered in Morristown, NJ, is a registered public utility holding company providing utility and utility-related services to customers throughout the world. GPU serves 4.6 million customers directly through its electric companies -- GPU Energy in the US, GPU Power UK in England, and Emdersa in Argentina. It serves an additional 1.4 million customers indirectly through GPU GasNet, its gas transmission subsidiary in Australia. GPU's 1999 revenues were $4.8 billion and its total assets were $21.7 billion. GPU's other subsidiaries include MYR MYR In currencies, this is the abbreviation for the Malaysian Ringgit. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. Group Inc., GPU Advanced Resources, Inc., GPU Nuclear, Inc., GPU Service, Inc. and GPU Telcom Services, Inc. (http://www.gpu.com) |
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